British MEP calls on EC to investigate F1 takeover claiming it was 'extremely likely' $8bn sale broke European law

A British MEP has called on the European Commission to investigate the takeover of Formula 1 claiming it was 'extremely likely' the $8 billion (£6.4 billion) sale broke EU law.

Anneliese Dodds, MEP for South East England, claims there was a conflict of interest by the sport's regulator the Fédération Internationale de l'Automobile (FIA) and has written to competition commissioner Margrethe Vestager to urge a probe.

The FIA's approval was needed for the takeover by US group Liberty Media, but the FIA was also a shareholder in F1 and stood to make an $80 million profit. Dodds claims this was in breach of an FIA agreement with the EU to avoid conflicts of interest.

'Conflict': Formula 1 was sold to Liberty Media for $8 billion

'The sale of F1 appears to have returned its regulatory body a $79.5 million profit on a $500,000 investment in less than four years,' Dodds told The Mail on Sunday.

'Given that this return was only payable if F1 was sold to a new owner – and that they were the body that had to approve any sale – it looks extremely likely that the FIA have broken an agreement struck with the European Commission in 2001 regarding commercial conflict of interest.'